Global

Details

  • Service: Tax, International Executive Services, International Tax
  • Type: Regulatory update
  • Date: 7/21/2014

OECD - New FATCA-like standard for exchange of tax information 

July 21:  The Organisation for Economic Co-operation and Development (OECD) today released the full version of a new global standard for the exchange of tax information between jurisdictions.

The OECD’s Standard for Automatic Exchange of Financial Account Information in Tax Matters calls on governments to obtain detailed account information from their financial institutions and exchange that information automatically with other jurisdictions on an annual basis.


According to today’s OECD release, this standard was pursuant to a mandate from the G20, that was then endorsed by the G20 finance ministers in February 2014 and approved by the OECD Council.


The OECD standard:


  • Provides for annual automatic exchange between governments of financial account information—including balances, interest, dividends, and sales proceeds from financial assets, reported to governments by financial institutions and covering accounts held by individuals and entities, including trusts and foundations
  • Includes commentary and guidance for implementation by governments and financial institutions, detailed model agreements, and rules for uniform technical and information technology solutions
  • Provides a standard format and requirements for secure transmission of data

More than 65 countries and jurisdictions have publicly committed to implementation, and more than 40 have committed to a specific and ambitious timetable leading to the first automatic information exchanges in 2017—including a group of OECD and non-OECD countries. More jurisdictions are expected to commit to implement the OECD standard.


Read a July 2014 report prepared by the KPMG member firm in Ireland: OECD releases full version of CRS




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